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Wed, 21 Feb 2018 22:52:22 -0800MYOBen-usSacramento Kings Become First Professional Sports Team to Accept Virtual Currency Bitcoinhttp://austinbitcoin.com/Blog/sacramento-kings-become-first-professional-sports-team-to-accept-virtual-currency-bitcoin
http://austinbitcoin.com/Blog/sacramento-kings-become-first-professional-sports-team-to-accept-virtual-currency-bitcoinSACRAMENTO, CA – January 16, 2014 – Today, theSacramento Kings announced they will become the first major professional sports franchise to accept Bitcoin, a popular online currency. The bitcoin purchases will be processed through BitPay – the world’s largest payment processor for virtual currencies.

Since purchasing the Kings earlier this year, majority team owner Vivek Ranadivé has directed a business philosophy coined "NBA 3.0," which focuses on investments in technology, globalization and deep community partnerships. The BitPay relationship marks another manifestation of the 3.0 philosophy in Sacramento.

Tapping into a new and innovative digital currency community in which bitcoins can be earned and saved by users across the globe, the Kings have begun to accept bitcoins in the Kings Team Store through a simple checkout process, and will offer fans the ability to pay online for team merchandise and tickets by March 1. With this technology provided by BitPay, Kings fans will be able to purchase Kings merchandise and experiences in a faster and more secure way using bitcoin.

“We are maniacally focused on creating the most seamless experience for our fans in all facets,” said Ranadivé. “With BitPay, we are able to implement a technology that allows our fans to make Kings-related purchases without physically reaching into their wallets. A major tenet of the NBA 3.0 philosophy is about utilizing technology for the betterment of the fan experience, and this is yet another step in that process.”

BitPay’s Bitcoin Payment Gateway API is the most advanced and most reliable bitcoin-processing platform, both key reasons the Kings chose to partner with BitPay.

“We make it easy for businesses like the Sacramento Kings to accept bitcoin as a form of payment both in-person and online,” said Tony Gallippi, co-founder and CEO of BitPay. “As the first professional sports team to accept bitcoin, the Sacramento Kings continue to show that they are at the intersection of sports and technology.”

On July 1, Nesenoff & Miltenberg LLP took the step to provide the option for payment in Bitcoin. The Bitcoin currency is not a new concept to this Manhattan based full-service commercial law firm as Nesenoff & Miltenberg LLP, otherwise known as “N&M”, provides legal services for Bitcoin related businesses. N&M finally made the significant step of providing clients an opportunity to pay for services with Bitcoin through BitPay Inc, the lead Bitcoin payment processing company.

Marco A. Santori, Senior N&M Associate, stated: “Manhattan law firm Nesenoff & Miltenberg, LLP, is committed to providing legal counsel to businesses in the growing virtual currency space. As one of the few firms with hands on experience counseling Bitcoin clients in this evolving area, the firm will be accepting payment in Bitcoin, providing those qualified clients with the flexibility and confidence to meet their business needs.”

Bitcoin Magazine had an opportunity to speak with Marco and find out more about his involvement in the Bitcoin community. Over two years ago Marco formed a currency trading fund for a few entrepreneurs. On the side, the clients used to joke and state regarding the currency trading fund, “what they are really doing is trading Bitcoins.” Well, soon Marco found that his ratio of non-Bitcoin related businesses to Bitcoin related businesses was diminishing. Today almost all of his time is spent counseling Bitcoin related businesses. Marco represents clients in NYC and from clients all over the world: BTC Global, companies in Canada, a company in TX, companies in NYC. What used to be a comical afterthought is now a reality for Marco.

Marco has now assumed the role of a “Bitcoin lawyer”. How did he get to a position to assume such a role? Marco took the time on his own volition to learn more about the Bitcoin currency and research on Bitcoin forums and also personally get involved in Bitcoin through serving as Chairman of the Bitcoin Foundation’s Regulator Affairs Committee. After having digital currency clients continue to ask if they could pay in Bitcoin, N&M finally chose to accept Bitcoin as a payment for legal services. BitPay Inc made accepting the Bitcoin currency possible for N&M.

Bitcoin Magazine had the opportunity to interview Marco to learn more of how this process unfolded:

Bitcoin Magazine : When did you first hear about and get involved in the Bitcoin currency?

Marco A. Santori: Nesenoff & Miltenberg, LLP has an established practice counseling clients in the finance and high-technology industries. In early 2011, the firm formed a foreign currency trading fund for a group of very savvy clients. The fund traded mostly Euros and US Dollars, but even back then, they would discuss how the real money would be made in trading Bitcoins. It turns out they were right.

BM: How did you first get involved in the Bitcoin currency? What makes your legal services stand out in comparison to other lawyers assisting individuals in the Bitcoin community?

MS: I have always been a technology enthusiast. I think it has mapped well onto my practice counseling businesses in the tech sector. I don’t actually remember when I purchased my first Bitcoin, but I’ve since fallen pretty deeply into the crypto-currency rabbit hole. I’m fairly certain I’ve read every bit of press coverage on digital currency published since then. I attend regular Bitcoin NYC Meetup groups dedicated specifically to Bitcoin entrepreneurship. I’ve engaged in in-depth statutory analysis, regulatory projections, and simple speculation on web forums. The firm’s clients get the benefit of that knowledge without having to pay someone to reinvent the wheel. I think that clients appreciate it when they don’t have to spend their first chunk of billable time explaining to their lawyer what the block chain is, and why an M-of-N transaction might be the solution to their regulatory concerns. That’s the kind of information the lawyer ought to be providing to the client, not the other way around.

BM: When did you first get the idea to work with clients involved in Bitcoin?

MS: As it goes with most things in the practice of law, I didn’t choose Bitcoin; Bitcoin chose me. Companies first began reaching out to me with their digital currency issues in response to my work with businesses in the tech sector. As that progressed, I was named Chairman of the Bitcoin Foundation’s Regulatory Affairs Committee. Word of mouth is a powerful thing, and I think clients prefer to use attorneys with an intimate knowledge of their industry.

BM: How did you make the decision to accept payment from clients in Bitcoin?

MS: The firm strives to serve its clients. That means flexibility with time – picking up the phone at midnight – and flexibility with money – accepting alternative currencies. It should come as no surprise that clients whose business is dealing in digital currency might prefer to pay their legal fees in digital currency. Paying in Bitcoin presents qualified clients with the flexibility and confidence to meet their cash flow and tax planning goals.

BM: Were there any preexisting law firms and/or businesses that inspired you to get involved in the Bitcoin currency?

MS: The inspiration to get involved with Bitcoin came, as many things in this industry come, from our clients. Bitcoin adoption is the fundamental driving force of their business models. Combine this with the fact that many clients in the space already possess substantial Bitcoin holdings, and it just makes good business sense for them to pay in Bitcoin.

BM: Where do you see your Law Firm’s involvement with Bitcoin going in a year?

MS: Digital currency law is the copyright law of the 2010s. As most lawyers recall, the revolution in computer applications and mp3 encoding resulted in an unprecedented explosion in the volume and quality of copyright law in the late 1990s and 2000s. Likewise, I anticipate substantial growth in the volume and quality of digital currency law in the coming years. Nesenoff & Miltenberg is committed to positioning itself as the law firm of choice for guidance in the digital currency space.

BM: What are your suggestions for individuals hoping to get involved with Bitcoin?

MS: As to early-stage businesses: Talk to a lawyer early on, and then run the numbers. Then run them again. Then run them again, and only then sink money and time into developing your product. That is the correct order of operation for the digital currency business. I spend hours a day speaking to entrepreneurs who have already developed a spectacularly functional and well-polished product, only to realize the cost of IP licensing and regulatory compliance means reworking key features of their business model. As to individuals: support Bitcoin businesses!

BM: If I am an individual involved in the Bitcoin community and need legal assistance, how can I get in touch with your law firm?

MS: You can visit our website at www.nmllplaw.com, and you can email me at msantori@nmllplaw.com for more information.

Bitcoin Magazine applauds N&M’s work in the Bitcoin community and additionally this next step to accept payment for legal services with the Bitcoin currency. N&M partners have blazed the trail for legal professionals and businesses to follow and learn more about the Bitcoin currency and other alternative currencies on the rise and path to prominence.

The Bitcoin community and user base continues to expand and businesses old and new are embracing this new digital, decentralized cryptocurrency to simplify the payment process and meet consumer needs. The quantity and variety of businesses accepting payment in Bitcoin continues to expand. From real estate sites to now watch factories, Bitcoin has been embraced to simplify payment and incentivize merchants to sell products and in turn deal with fewer transaction fees.

Just this week, Russia’s historical watch factory Raketa, began accepting Bitcoins. Raketa was founded in 1721 by Peter the Great and is the oldest factory in Russia. For almost 300 years, Raketa, formerly known as Petrodvorets Watch Factory, has produced and sold wristwatches to individuals in Russian and those around the world. Petrodvorets Watch Factory was renamed Raketa in 1961 to honor the World’s first cosmonaut Yuri Gagarin. Yuri was the first human to travel to outer space.

This is a significant step in the right direction for the Bitcoin community. Over the years Raketa’s watches have been produced for the members of the Red Army, Soviet Navy, North Pole expeditions and civilians. Not only is Raketa respected by Russian leadership, but also popular with the public having an array of watch designs from practical to fashionable. Raketa even has the last remaining watchmaking school and operates this training program in conjunction with the Saint Petersberg Technical Institute. Raketa is just not another watch brand or shop, but has deep roots within Russia and a global reach. We can expect Raketa’s step to embrace the Bitcoin currency as a catalyst for other businesses in Russian and around the world to transact in Bitcoin.

Raketa produces all mechanical movements in-house, setting this watch factory apart. Raketa is now unique in an even more significant way in that it currently stands as the only watch factory to date accepting Bitcoins for payment. Factory Director, Jacques von Polier stated, “It is very easy to accept Bitcoins…you just put a logo on your site saying- we accept bitcoins- and that’s it. It is as simple as saying we accept cash!” Manufacturers and merchants can heed Von Polier’s example of taking an easy step and in the long run a very beneficial step of accepting Bitcoins.Bitcoin Magazine encourages businesses to follow suite and accept this alternative payment method which not only alleviates merchant woes, but also makes payment much more convenient for customers. Check out Raketa’s watch selection and feel free to look into making a purchase in Bitcoin today.

BitPay, Inc announced it’s newest merchant, Gyft. Gyft, a mobile gift card platform, added support for Bitcoin purchases of gift cards on the Android platform, through its partnership with BitPay, Inc, the world’s leading payment processor for Bitcoin. Gyft offers a mobile gift card app to allow customers to buy, store, send, and redeem gift cards on their phones. In addition to a free phone app, customers can share gift cards via Facebook.

Gyft works with 50,000 physical retail locations across the USA including GAP, Lowes, Sephora, Gamestop, American Eagle, Sports Authority, Nike, Marriott, Burger King, Fandango, Brookstone, and many more. Gyft fits right into the Bitcoin community of ingenuity and convenience as the Gyft phone app eliminates a need for plastic gift cards. Gyft’s platform allows for individuals to use the gift cards in online and in person transactions as the app contains front and back copies of a gift card with a bar code to be scanned at the time of purchase.

Gyft provides new opportunities, not only for consumers but also companies selling gift cards. The use of Bitcoin opens the door for Gyft to expand its user base and also contribute to the Bitcoin community by increasing the utility of Bitcoin.

“The partnership with Gyft and BitPay blows the doors open to major retail for Bitcoin users,” said Tony Gallippi, co-founder and CEO of BitPay. “Any shopper in a participating retail store, with Bitcoins on their Android device, can easily convert Bitcoins into a store gift card and pay for their purchase. The whole process takes less than one minute and can be done on a single mobile device.”

“Gyft is proud to be a pioneer in the Bitcoin universe and we are excited about the possibilities for further innovation on our platform,” said Vinny Lingham, Gyft co-founder and CEO. “By using our existing network of retailers, we are able to offer Bitcoin consumers the ability to instantly spend their Bitcoins at hundreds of merchants.”

Gyft made a wise choice in not only getting involved with the Bitcoin currency but also partnering with BitPay. BitPay currently processes $5M per month in Bitcoin transactions for merchants and is taking on new merchants daily to expand the utility of Bitcoin. BitPay now has over 6,000 merchants and Gyft is a stellar addition to the team! Gyft’s partnership with BitPay and acceptance of Bitcoin for giftcard payments is yet another step in the right direction for the Bitcoin currency.

Capital Coin and Bullion of Austin, Texas, is now accepting Bitcoin via BitPay. They feature a great selection of high quality coins, precious metals, discounted premiums, appraisal and consignment services, Berkey water filtration products, Youngevity nutritional supplements, Patriot Safes, ammunition and IRA funding services. Capital Coin and Bullion's mission is to be the preferred shopping destination by delivering excellent customer service and outstanding value at an affordable price.

Austin Bitcoin has become a certified integration partner with BitPay.com, the largest Bitcoin payment processor. This partnership will help local Texas merchants start accepting Bitcoin as payment for goods and services. The best part about BitPay's service is that merchants do not have to carry Bitcoin on their ledgers. Since the business does not hold actual Bitcoins, this makes it much easier for accountants to maintain their books without needing to create a new entry for Bitcoin. This also takes away the risk involved in accepting a fluctuating cryptocurrency.

Austin Bitcoin is excited to help businesses start accepting this emerging technology. Please feel free to contact us with any questions you may have about Bitcoin payment integration.